May tax revenues beat forecast
May state tax revenues came in 1.6 percent above forecasts, leaving the state pretty much at the forecast year-to-date; you can see the state Division of Financial Management’s General Fund Revenue Report here. Meanwhile, the Legislature’s monthly Budget & Revenue Monitor shows that the $2.7 million in extra revenues in May puts the state on track for an expected ending cash balance at the end of the fiscal year, July 1, of $26 million, even after $34.5 million is transferred into reserve funds. Betsy Russell, EOB
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